Bankers Still Living In Cloud Cuckoo Land

the groutch

AIB apparently wanted to give those being made redundant FOUR TIMES the statutory. Luckily we have a MFF with a bit of cop on to block it (Comical Lenny would have probably let it through)

http://www.independent.ie/business/irish/noonan-rejects-aibs-euro300000-payout-packages-2668781.html

Noonan rejects AIB's €300,000 payout packages


FINANCE Minister Michael Noonan has shot down AIB's plans to give laid-off workers redundancy packages that could range from €50,000 to €300,000.
Sources last night confirmed that AIB had been asked to submit "revised" redundancy proposals after the Department of Finance rejected the bank's initial plans.
Those plans are believed to have included "industry norm" payments of six weeks' salary per year of service plus an extra two weeks' statutory payments for every year worked.
The state-owned bank is also believed to have asked for permission to cap the payments at between two and 2.75 years' salary.
Based on that package, a bank worker on a €50,000 salary entitled to the maximum payout could walk away with €137,500.
Senior executives on €100,000 a year could get as much as €275,000, if they'd worked at the bank for more than 20 years.
Similar packages have been paid by other banks, but AIB's proposals were perceived as "too generous" in the context of a bank that's been bailed out to the tune of €7.2bn and will need billions more before the year is out.
Mr Noonan and his officials are also mindful of the fact that AIB's package will create a precedent for the state-owned banks, who will shed thousands more jobs over the coming years.
The Department of Finance last night declined to comment on the situation with AIB.
A spokesman for the bank refused to confirm any talks with the Department of Finance but said discussions with trade unions were "ongoing". "We wouldn't want to comment at this point," he added.
Larry Broderick, head of bank workers' trade union IBOA, said the bank had not told them that approval had been sought from the department for any package.
"They keep reminding us that whatever we agree has to be sanctioned by the Department of Finance, but that's a different thing," he said.
"They can put whatever package they want in place (with Finance) but unless they agree it with us there won't be any redundancies."
A meeting between IBOA and AIB bosses is scheduled for Friday -- Mr Broderick said his side would use the meeting to formally push for "industry norm" payments.
Mr Broderick said he had expected things to move more swiftly after AIB announced the job cuts in April and that there was a "concern that things are being dragged out indefinitely".
"The discussions have been stalled for the last couple of weeks because AIB have just appointed a new management team and they haven't made their plans yet," he added.
Meanwhile, staff at the Central Bank will today vote through a new agreement that will reward top performers with up to five days' extra holidays a year.
The 'performance management system' replaces the bank's old bonus system, which was disbanded after the financial crisis hit in 2008.
Under the new scheme, staff can earn 'merit days' for hard work and may ultimately be paid up to half the 'merit days' as a "cash benefit".

Imo anyone above teller level should only get statutory (2 weeks per year's service), and like it

Meanwhile, staff at the Central Bank will today vote through a new agreement that will reward top performers with up to five days' extra holidays a year.

The 'performance management system' replaces the bank's old bonus system, which was disbanded after the financial crisis hit in 2008.

Under the new scheme, staff can earn 'merit days' for hard work and may ultimately be paid up to half the 'merit days' as a "cash benefit".

Time in lieu, lads, not cash

Finnbar01

I wonder what the banking union thinks about this?

Nijmegen

Look on the bright side, Lenny would have signed off on it and later said 'Oops... Oh well, nothing we can do now...'

dan_d

That is an incredibly arrogant statement by the head of the bank workers union.


"They keep reminding us that whatever we agree has to be sanctioned by the Department of Finance, but that's a different thing," he said.
"They can put whatever package they want in place (with Finance) but unless they agree it with us there won't be any redundancies."

Sorry...has this man forgotten who is paying his wages? And who is paying the wages of his union members?? The Dept of Finance run that bank, not the trade union leaders. It just shows the level of arrogance that unions developed over the last few years - and the amount of power they were "allowed" to have by the Gov in influencing previous decisions like this. Negotiating is one thing - thinking that you, as a union head, hold the deciding card, is a whole other thing.

dissed doc

Goddamnit these public sector wasters are at it aga.......oh right. Nothing to see here move along!

mcwhirter

cnuts

Vizzy

Meanwhile, staff at the Central Bank will today vote through a new agreement that will reward top performers with up to five days' extra holidays a year.

The 'performance management system' replaces the bank's old bonus system, which was disbanded after the financial crisis hit in 2008.

Under the new scheme, staff can earn 'merit days' for hard work and may ultimately be paid up to half the 'merit days' as a "cash benefit".

Would this idea work in the public sector ?

oh wait they are public sector workers

rumour

bluewolf wrote: »

Time in lieu, lads, not cash

Unbelievable.....life in the private sector, unemployment looming, cuts to expectations, reduced redundancy packages more or less the norm across the whole private sector for years despite RTE's attempts to convince everyone that the farmers are loaded again......meanwhile in never never land (the public sector) they need to replace the bonus's they lost for not regulating the banking system.
The solution is to work less. Brilliant.

If thats the kind of reform we have in store I'm thinking the best vantage point is somewhere not in ireland.

keithclancy

Vizzy wrote: »

Would this idea work in the public sector ?

oh wait they are public sector workers

Worse,

Their Public sector workers with Private sector contracts.

Can anyone say "money hole"

rumour

dan_d wrote: »

Sorry...has this man forgotten who is paying his wages? And who is paying the wages of his union members?? The Dept of Finance run that bank, not the trade union leaders. It just shows the level of arrogance that unions developed over the last few years - and the amount of power they were "allowed" to have by the Gov in influencing previous decisions like this. Negotiating is one thing - thinking that you, as a union head, hold the deciding card, is a whole other thing.

I think he knows quite well who's running the country, labour answerable to the unions!!!!

rumour

rumour wrote: »

Unbelievable.....life in the private sector, unemployment looming, cuts to expectations, reduced redundancy packages more or less the norm across the whole private sector for years despite RTE's attempts to convince everyone that the farmers are loaded again......meanwhile in never never land (the public sector) they need to replace the bonus's they lost for not regulating the banking system.
The solution is to work less. Brilliant.

If thats the kind of reform we have in store I'm thinking the best vantage point is somewhere not in ireland.

My "solution" was to not pay them cash, which is the current suggestion from the OP. If they have to give them something for doing a good job, then why not? Basic staff were not in charge of regulating the entire system